Aberdeen Asia-Pacific Income Fund, Inc. Announces Performance Data and Portfolio...
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Aberdeen Asia-Pacific Income Fund, Inc. Announces Performance Data and
Portfolio Composition
PHILADELPHIA, June 30 /PRNewswire/ -- Aberdeen Asia-Pacific Income Fund, Inc.
(the "Fund") (NYSE Amex: FAX), a closed-end bond fund, announced today its
performance data and portfolio composition as of May 31, 2009.
The Fund's total returns for various periods through May 31, 2009 are provided
below. (All figures are based on distributions reinvested at the dividend
reinvestment price and are stated net-of-fees):
Period NAV Total Return % Market Price Total Return %
Cumulative Annualized Cumulative Annualized
Since Inception
(April 1986) 596.3 8.8 552.5 8.5
10-years 117.3 8.1 105.7 7.5
5-years 39.9 7.0 37.2 6.5
3-years 16.0 5.1 14.4 4.6
1-year -5.0 -4.2
The Fund's returns, which are denominated in U.S. dollars, are affected by the
performance of the U.S. dollar against the various currencies listed below.
As of May 31, 2009, the portfolio was invested as follows:
Currency Exposure % Geographic Exposure %
Australia 44.4 49.1
New Zealand 0.7 0.8
United States* 41.5 5.7
South Korea 3.4 11.6
Philippines 1.3 8.1
Malaysia 2.1 4.6
Singapore 1.8 3.2
Thailand 1.5 2.8
Hong Kong 2.2 5.1
Indonesia 1.1 7.0
China - 1.0
India - 1.0
* Of which 23.3% is invested in US$ denominated bonds issued by foreign
issuers.
As of May 31, 2009, the Fund's net assets, including $550 million in bank
borrowing, amounted to US$2,084 million with a net asset value per share of
US$5.88.
As of May 31, 2009, 72.8% of the portfolio was invested in securities where
either the issue or the issuer was rated "A" or better, or judged by the
Investment Manager to be of equivalent quality. The credit quality and
maturity breakdown of the portfolio was as follows:
Credit Quality (%)
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B
34.3 14.3 24.2 9.8 16.5 0.9
As of May 31, 2009, the average credit quality of the portfolio was A+.
Maturity (%)
< 3 Years 3-5 Years 5-10 Years > 10 Years
30.0 27.1 32.9 10.0
As of May 31, 2009, the average maturity of the portfolio was 6.8 years.
A revolving credit loan facility, in the amount of $600,000,000, was entered
into on April 18, 2008 with the Bank of Nova Scotia, in order to fund the
redemption of the Fund's Auction Market Preferred Stock ("AMPS") that took
place in April 2008. The outstanding balance on the loan as of May 31, 2009
is $550,000,000 which represents an increase of $30,000,000 from the following
month.
The leverage is used with the intent of enhancing returns by borrowing at
interest rates that are lower than the relatively higher yields of the
emerging market fixed income securities in which the Fund invests. The Fund
has entered into interest rate swap agreements in order to fix the interest
payable on an aggregate notional amount of $390 million, which represents
70.9% of the bank loan facility. Details regarding the revolving credit loan
facility and the interest rate swap agreements are contained in the Fund's
annual and semi-annual reports to shareholders.
Important Information
Aberdeen Asset Management Inc., the Fund's Administrator, has prepared this
report based on information sources believed to be accurate and reliable.
However, the figures are unaudited and neither the Fund, the Administrator,
Aberdeen Asset Management Asia Limited (the Investment Manager), Aberdeen
Asset Management Limited (the Investment Adviser), nor any other person
guarantees their accuracy. Investors should seek their own professional
advice and should consider the investment objectives, risks, charges and
expenses before acting on this information. Aberdeen is a U.S. registered
service mark of Aberdeen Asset Management PLC.
Total return figures with distributions reinvested at the dividend
reinvestment price are stated net-of-fees and represents past performance.
Past performance is not indicative of future results, current performance may
be higher or lower. Inception date April 25, 1986.
If you wish to receive this information electronically, please contact:
InvestorRelations@aberdeen-asset.com
SOURCE Aberdeen Asia-Pacific Income Fund, Inc.
Aberdeen Asset Management Inc. Investor Relations, +1-800-522-5465,
InvestorRelations@aberdeen-asset.com
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